SaveEasy are a not-for-profit co-operative who were funded to introduce credit unions to two rural locations within the Fund’s area of benefit in the style of a ‘pop-up’ branch.  The funding also covered the costs of the credit union working with local schools to encourage saving. The award paid for shared office space allowing existing credit union staff to set up shop and use their experience and training to tailor services to the needs of the local community.

The fund has awarded SaveEasy £17,725 towards the salary of the co-ordinator, £8,000 to get the credit union online during lockdown, and £500 to trial a service point in the Pavilion in Pencader while the Family Centre was closed during the pandemic. The adaptations to the award due to the Covid 19 crisis were particularly important as there was a real concern that pay day lenders would increase their targeting of the Pencader area in particular at this time of unexpected economic hardship.  The credit union responded by putting postcards through doors to promote their new online service.

The credit union sets out to promote savings and to offer low cost, affordable credit. They aim in particular to support those who are unable to obtain main stream credit and might otherwise turn to high interest, door step lenders, pay day loans and rent-to-own stores as a means of supporting themselves and their families.  They also encourage and assist with savings schemes for people of all ages, helping people to better manage their money.

The credit union pop-ups were trialled in Pencader and Brechfa, both in rural locations but with very different requirements of the Credit Union

Pencader Pop-Up Branch

In Pencader there was a large reliance on high interest credit and the pop-up branch immediately received applications for loans from newly signed up members.  As credit union loans have a much lower interest rate than typical doorstep or even payday loans, they also have more affordable repayments per week / month. The credit union has saved residents in Pencader money and put more disposable income in their pockets which in turn will benefit the local economy of Pencader.

Brechfa Pop-Up Branch

With a newly refurbished Village Hall in Brechfa (also in receipt of funding from Brechfa Forest West Wind Farm Fund) local residents were enthusiastic about running some new projects and clubs at the venue. However they all had a common problem – how to fund the projects, and more specifically, how to bank. Brechfa is at least 30 minutes away from the nearest town with a bank by car, and not all residents drive. To open community accounts with the mainstream banks would have delayed or even prevented community projects from going ahead.

The ‘pop-up’ branch at the Hall enabled several new local groups, such as the luncheon club and the film club,  to sign up for a range of community accounts that have allowed some exciting new projects to go on to access our funding.  The community-run village shop also opened their own account which secured the future of the villages only free cash point which had been under threat due to the same issues accessing banking locally.

“Applying to the Brechfa Forest West Fund has been an overwhelmingly positive experience. From first meeting, to grant award I was fully supported by Moishe.  We’ve not used grant funding historically here at SaveEasy for fear of having to jump through hoops or have stipulations meaning we can’t stay true to business values. This has not been the case with this fund, we put forward our idea and the panel supported our vision which has meant we have been able to really focus on getting the job in hand done. It also felt as though the funder was just as excited as we were with progress, which was great!  We’ve had a record year here at SaveEasy, thanks in part to the fund, and look forward to what the new year will bring.”

      Daniel Jones, Branch Development Manager